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Nov 6, 2012
11/12
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utilities have been in focus thanks to the devastation left by superstorm sandy. two of the public traded utilities still working to get power back on, continue seeing their stocks fall. new york power company consolidated edison was down 2%. new jersey's public service enterprise group dropped another 1.2%. these are their lowest share prices since may. meantime, lower energy prices, specifically for natural gas, helped profits at fertilizer maker c.f. industries. a booming farm economy helped increase demand, making up for lower prices for its phosphate fertilizer. the stock rallied 3.2% before the company released its quarterly results after the closing bell tonight. the stock rallied about 1% from this closing price in extended hours trading. the company is optimistic about its 2013 business. it expects farmers to plant a lot of corn next year, and need the fertilizer for it. real estate website zillow also was out with its results late today. while earnings per share were stronger than expected but its forecast came up short. after closing down 5.3%, at $34.3
utilities have been in focus thanks to the devastation left by superstorm sandy. two of the public traded utilities still working to get power back on, continue seeing their stocks fall. new york power company consolidated edison was down 2%. new jersey's public service enterprise group dropped another 1.2%. these are their lowest share prices since may. meantime, lower energy prices, specifically for natural gas, helped profits at fertilizer maker c.f. industries. a booming farm economy helped...
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Nov 5, 2012
11/12
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WETA
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and a double whammy for people in new york and new jersey: another storm takes aim at the region, as sandy's recovery slogs on, and the hunt for fuel heats up. >> tom: that and more tonight on "n.b.r."! >> susie: the u.s. presidential election is just one day away, and that was the hot topic here on wall street. but investors were still cautious about making major moves ahead of the election, so stocks posted just modest gains, and trading volume was light. the dow rose 19 points, the nasdaq added 17, and the s&p up three points. but, where stocks go from here may depend on who wins the white house tomorrow night. suzanne pratt reports. >> reporter: wall street is hardly back to normal, with reminders of hurricane sandy still obvious everywhere. but, at least the presidential election could provide a distraction for those coping with the storm's aftermath. the question is will the stock market continue to distract in the days following tomorrow's big contest? that may depend on its outcome. like many on wall street, nyse trader jonathan corpina predicts a mitt romney win will be a big win fo
and a double whammy for people in new york and new jersey: another storm takes aim at the region, as sandy's recovery slogs on, and the hunt for fuel heats up. >> tom: that and more tonight on "n.b.r."! >> susie: the u.s. presidential election is just one day away, and that was the hot topic here on wall street. but investors were still cautious about making major moves ahead of the election, so stocks posted just modest gains, and trading volume was light. the dow rose 19...
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Nov 8, 2012
11/12
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but at least one analyst predicts sandy's hit will be temporary. erika miller reports. >> reporter: first, we had superstorm sandy. last night, a snow storm. but today, new yorkers were back to shopping in full force. contrary to conventional wisdom, natural disasters have very little long-term impact on retail spending. >> they don't destroy demand, they displace it, either forward in time-- before the event-- or after the event. or nowadays, of course, from bricks and mortar to online. >> reporter: customer growth partners looked at 20 years of natural disasters and found that in virtually every case, spending rose in the months after the event. sandy or not, the holiday season is expected to be ho-hum for retailers. the national retail federation, the retail industry's trade group, is forecasting a more than 4% gain, but customer growth partners, which does field research with shoppers, expects just a 2.8% gain. >> disposable income is weak, and disposable income is still the single biggest driver behind retail sales. so that's weak. there's fea
but at least one analyst predicts sandy's hit will be temporary. erika miller reports. >> reporter: first, we had superstorm sandy. last night, a snow storm. but today, new yorkers were back to shopping in full force. contrary to conventional wisdom, natural disasters have very little long-term impact on retail spending. >> they don't destroy demand, they displace it, either forward in time-- before the event-- or after the event. or nowadays, of course, from bricks and mortar to...
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Nov 24, 2012
11/12
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>> i do have clarity on sandy and frankly it's devastating. particularly on individuals. we had 200 of our stores closed for the first three days of the november period and then many more were closed after that because we didn't have power. we definitely were impacted in a major way at our company. >> reporter: for the current quarter you expect to fall short of wall street forecasts by at least five cents. are you still comfortable with those expectations? >> we try to guide honestly and if we're able to exceed that number that's always good news. but we try to guide where we believe we're going to be so we're confident with our forecasts. >> reporter: terry thank you so much. >> thanks ruben. >> tom: while many wal-mart employees spent black friday working the check-out line, others were manning the picket line. they used the high profile shopping day to protest low wages, work schedules and employee benefits. the protests were organized by a union-backed employee group called "our walmart". demonstrations were planned for one thousand stores in 100 cities. organizers s
>> i do have clarity on sandy and frankly it's devastating. particularly on individuals. we had 200 of our stores closed for the first three days of the november period and then many more were closed after that because we didn't have power. we definitely were impacted in a major way at our company. >> reporter: for the current quarter you expect to fall short of wall street forecasts by at least five cents. are you still comfortable with those expectations? >> we try to guide...
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Nov 2, 2012
11/12
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still ahead, we have more on sandy: flood insurance, the cost of getting power turned back on, and the challenge of getting around america's busiest city. >> tom: october marked a pick-up in private hiring. that's the word from payroll processing firm adp. it says u.s. private payrolls grew by 158,000 positions in october. that higher than expected number comes as adp overhauls how it calculates the number by including more companies in its survey. darren gersh reports. >> reporter: the economic signals out today point in the same direction-- an economy that has moved through a rough couple of months last spring has now found stability. >> slow growth need not be fragile, so we are in a derate growth phase that appears to be quite durable. it's going to be hard to break out significantly in one direction or the other, unless we get a policy surprise or a policy mistake. >> repter: the adp payroll snapshot is seen as a kind of preview for the government's official employment report, which comes out tomorrow. factoring in job losses in statr and local government, adp projects the labor d
still ahead, we have more on sandy: flood insurance, the cost of getting power turned back on, and the challenge of getting around america's busiest city. >> tom: october marked a pick-up in private hiring. that's the word from payroll processing firm adp. it says u.s. private payrolls grew by 158,000 positions in october. that higher than expected number comes as adp overhauls how it calculates the number by including more companies in its survey. darren gersh reports. >> reporter:...
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Nov 1, 2012
11/12
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where does sandy fit in terms of economic impact? s showing?our numb >> good question, susie. >> in terms of totalu economic loss. because airms aren't going, and restaurants aren't serving meals, and the property damage i think tell come to about $50 billion. to put this in context, th's roughly the consequence of 9/11. it you sad up katrina it was 150 million. it's a big storm and a lot of damage, but less than's katrina. >> susie: quickly, mark, because on friday we have the employment numbers coming out. i'd like your take on that. what are you expecting in terms of new job hings and the unemployment rate? we've created 150,000 jobs a month over the past three years. i expect that's roughly what we'll get. une loyment, as yout, remember, it dips down unexpectedly to 7.8%, i expect that will notch up a tenth or two. i don't think we go over 8%. >> susie: it could notch up a bilt. good information. mark, always a pleasure talking to you. mark zandi. >> thank you. >> tom: still ahead, from downed powerlines, to flooded out utilities, we talk a
where does sandy fit in terms of economic impact? s showing?our numb >> good question, susie. >> in terms of totalu economic loss. because airms aren't going, and restaurants aren't serving meals, and the property damage i think tell come to about $50 billion. to put this in context, th's roughly the consequence of 9/11. it you sad up katrina it was 150 million. it's a big storm and a lot of damage, but less than's katrina. >> susie: quickly, mark, because on friday we have...
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Nov 2, 2012
11/12
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KRCB
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has said it's too early to put a real cost on hurricane sandy. all of the five most actively traded exchange traded products were lower. the nasdaq one hundred and russell 2,000 funds saw the biggest losses, down more than 1% each. and that's tonight's market focus. election day may be in four days, but president obama and the lame duck congress have less than two months to steer clear of the fiscacliff-- the combination of tax hikes and government spending cuts scheduled to take affect in january. our market monitor this week says plan now for higher taxes soon, and higher interest rates eventually. duncan richardson is chief investment officer at eaton vance management. he joins us from that firm in boston. duncan, i take it you're a pessimist in regards to avoiding the fiscal cliff that we're going to go over? >> not really a pessimist. i think the fiscal cliff is going to be more of a fiscal slope, but there will be a tax element to it. i think because we're starting at such a low level of tax rates, we're very likely to have higher taxes eit
has said it's too early to put a real cost on hurricane sandy. all of the five most actively traded exchange traded products were lower. the nasdaq one hundred and russell 2,000 funds saw the biggest losses, down more than 1% each. and that's tonight's market focus. election day may be in four days, but president obama and the lame duck congress have less than two months to steer clear of the fiscacliff-- the combination of tax hikes and government spending cuts scheduled to take affect in...
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Nov 1, 2012
11/12
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di >> susie: most of the search and rescue mission after hurricane sandy is finished. fema said today it is now working on restoring power and helping people who lost their homes find places to stay. then, it will be time to assess the damage and start working through insurance claims. but as sylvia hall reports, it could be difficult for consumers to get paid. >> reporter: if you have flood insurance, it comes from a government fund called the federal flood insurance program that's backed by the treasury. most people who don't need it, don't buy it, making it hard for the program to pay for itself in the wake of a major disaster. so it's probably no surprise that back in 2005, hurricanes katrina and rita drained the fund and plunged the program $18 billion into debt. it's debt congress planned to forgive, but hasn't yet. that leaves the program on poor financial footing with only about $4 billion worth of funds available for claims related to sandy. >> from what i've seen, this could be a $5 billion to $10 billion flooding event, so more than likely, the program will
di >> susie: most of the search and rescue mission after hurricane sandy is finished. fema said today it is now working on restoring power and helping people who lost their homes find places to stay. then, it will be time to assess the damage and start working through insurance claims. but as sylvia hall reports, it could be difficult for consumers to get paid. >> reporter: if you have flood insurance, it comes from a government fund called the federal flood insurance program that's...
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Nov 3, 2012
11/12
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an update on the aftermath of hurricane sandy now. with temperatures dropping, tempers are flaring in some areas struggling with no power and dwindling food and clean water. >> this is staten island. four days after hurricane sandy brought her destructive winds and devastating storm surge of atlantic seawater. across the hudson river from new york, some new jersey neighborhoods remain inundated with flood waters. low temperatures this weekend are forecast to be close to freezing. the official count from the department of energy had 3.6 million customers across 11 states still without power. getting around in affected areas remains a challenge. the new york subway system remains shut down in lower manhattan. commuter rail systems in the new york suburbs are on limited service, as are new york's three large airports. >> tom: energy also remains a concern. late today the department of energy announced it will release emergency heating oil supplies to relieve a supply crunch due to sandy. meantime, many gasoline stations in the new york-n
an update on the aftermath of hurricane sandy now. with temperatures dropping, tempers are flaring in some areas struggling with no power and dwindling food and clean water. >> this is staten island. four days after hurricane sandy brought her destructive winds and devastating storm surge of atlantic seawater. across the hudson river from new york, some new jersey neighborhoods remain inundated with flood waters. low temperatures this weekend are forecast to be close to freezing. the...
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Nov 16, 2012
11/12
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unemployment benefits jumped to a one-and-a-half year high, surging 78,000, thanks to super- storm sandy. the total was 439,000. meantime, consumer inflation slowed to a one tenth of a percent increase, thanks to lower energy prices. without food and energy, core inflation was up two tenths of a percent. on wall street, the dow fell 28.5 points, the nasdaq was down almost ten, and the s&p 500 dropped two. if you want to know how the economy is faring, it pays to keep an eye on walmart. after all, it has over 10,000 stores across the globe, selling more than $1 billion worth of stuff every day. it earned $1.08 per share in the third quarter, a penny more than estimates, and up 11% from last year. but revenues were a little shy of forecast, and walmart's outlook for this quarter was less than anticipated. compare that to rival target's quarterly earnings-- four cents better than expectations at 81 cents a share and a holiday outlook that didn't disappoint. erika miller reports on what the results say about all-important the holiday season. >> reporter: $3.6 billion. that almost unthinkable
unemployment benefits jumped to a one-and-a-half year high, surging 78,000, thanks to super- storm sandy. the total was 439,000. meantime, consumer inflation slowed to a one tenth of a percent increase, thanks to lower energy prices. without food and energy, core inflation was up two tenths of a percent. on wall street, the dow fell 28.5 points, the nasdaq was down almost ten, and the s&p 500 dropped two. if you want to know how the economy is faring, it pays to keep an eye on walmart....
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Nov 29, 2012
11/12
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KRCB
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like the rest of the nation, gas is actually cheaper now than before superstorm sandy. a month ago, superstorm sandy shut down refineries in the northeast, delayed oil shipments and left many gasoline stations without power. in some hard hit areas, prices spiked more than ten cents a gallon. but now, the situation has drastically improved here and around the country. regular unleaded costs an average of $3.42 nationwide. that's 12 cents below where it was a month ago. but drivers are still paying about 12 cents more for gas today than a year ago. a big reason is escalating middle east tensions. >> anytime you have that kind of conflict in the middle east, whether it's the israelis or the egyptians, the syrians, it really the disruption of flow, you know. any time you get a problem in the gulf, it's really going to hinder oil prices. >> reporter: if the recent cease-fire between hamas and israel in the gaza strip holds, many thi prices at the pump will drift lower. it also helps that u.s. refineries are producing ample supplies of gasoline. a.a.a. expects regular unleade
like the rest of the nation, gas is actually cheaper now than before superstorm sandy. a month ago, superstorm sandy shut down refineries in the northeast, delayed oil shipments and left many gasoline stations without power. in some hard hit areas, prices spiked more than ten cents a gallon. but now, the situation has drastically improved here and around the country. regular unleaded costs an average of $3.42 nationwide. that's 12 cents below where it was a month ago. but drivers are still...
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Nov 7, 2012
11/12
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WMPT
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, new jersey, was hit hard by hurricane sandy. many homes still have no power, and many gas stations are still dry. nevertheless, residents made it their business to vote today, even though their polling site had to be moved at the last minute to a new location. >> reporter: in manhattan, only a handful of voting centers had to be changed because of the storm's aftermath. this site downtown is also accommodating voters from another location, and some residents found the change somewhat confusing. >> it's pretty hectic, being as though we're sharing ed from other schools due to the storm, and other schools being closed due to the storm. >> but without our cell phone, we'd be lost. >> reporter: and at least some voters were able to keep their sense of humor... >> this is whwere i vote. >> reporter: suzanne pratt, nbr, parsippany, new jersey. >> susie: hurricane sandy disrupted the election process in an election that was already getting complicated. from mail-in ballots to high- tech voting machines, there are fresh questions about
, new jersey, was hit hard by hurricane sandy. many homes still have no power, and many gas stations are still dry. nevertheless, residents made it their business to vote today, even though their polling site had to be moved at the last minute to a new location. >> reporter: in manhattan, only a handful of voting centers had to be changed because of the storm's aftermath. this site downtown is also accommodating voters from another location, and some residents found the change somewhat...
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Nov 15, 2012
11/12
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hurricane sandy was behind at least some of the sales decline. but there are fresh worries today about the underlying strength of the american consumer. suzanne pratt reports. >> reporter: hurricane sandy is going to get blamed a lot in the coming weeks for soft economic data. and, rightfully so. after all the superstorm paralyzed a good chunk of the northeast for at least a week. that meant, no shopping, no eating out, and no filling up the tank. >> clearly, the retail sales data were weak and they were weak across a lot of categories. the commerce dept did talk about the affects on hurricane sandy on the numbers. but, it's hard to quantify. >> reporter: the question is whether that consumer paralysis will continue into the all important holiday retail season. many economists say that really depends on whether americans feel secure in the their jobs. here's the good news: there has recently been some improvement on the labor front. on top of that, many shoppers are finding their wallets are thicker now than this time last year. >> i think the av
hurricane sandy was behind at least some of the sales decline. but there are fresh worries today about the underlying strength of the american consumer. suzanne pratt reports. >> reporter: hurricane sandy is going to get blamed a lot in the coming weeks for soft economic data. and, rightfully so. after all the superstorm paralyzed a good chunk of the northeast for at least a week. that meant, no shopping, no eating out, and no filling up the tank. >> clearly, the retail sales data...
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Nov 14, 2012
11/12
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KQEH
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and, remember, the latest results don't even include the sales lift from superstorm sandy. home depot also raised its profit outlook for the year. if housing continues to improve, experts say it's a bullish sign for the rest of the economy. >> now, as we start to see residential investment recovery, that should help other sectors of the economy through demand for building materials, through more demand for other products-- furniture, you name it! >> reporter: she's optimistic housing will remain one of the few bright spots in an otherwise sluggish recovery. erika miller, "n.b.r.," new york. >> susie: it was an unhappy earnings story in the third quarter for saks. the upscale department store said sales and profits were hurt by a modest spike in promotions. on top of that, saks expects sales to be flat in the current holiday period because of a slow start to november due to hurricane sandy. noow, trouble at saks underscores new worries spreading throughout the luxury sector about the all important holiday season. suzanne pratt reports. >> reporter: on manhattan's 5th avenue,
and, remember, the latest results don't even include the sales lift from superstorm sandy. home depot also raised its profit outlook for the year. if housing continues to improve, experts say it's a bullish sign for the rest of the economy. >> now, as we start to see residential investment recovery, that should help other sectors of the economy through demand for building materials, through more demand for other products-- furniture, you name it! >> reporter: she's optimistic...